Turkish Consumer Law was published in the Official Gazette on November 28, 2013. The consumer rights were redefined with the new law which will change the consumers’ lives. In the law, considering the unfair terms as null, there have been many changes in the issues of credit cards, return of the defective goods and of course in the insurance sector. One of these changes about insurance sector is about housing credit insurance. Within the rearrangement, the customers can choose his own insurance company if he wants to and the amount of cover must be accepted by the housing finance institution. According to the new arrangements, the time limit granted to participants for right of renouncement for the financial services through phone or internet was increased from 7 days to 14 days, on the other hand, the delivery time will be under 30 days. On the other hand, there haven’t been any regulations for the insurance contracts and the contracts relevant to private pension.
New Consumer Protection Law promotes also the policy holders
